Ask the Lawyer: How will transitioning affect when I can draw my pensions?
PinkNews brings you the latest in a series of features which sees your real questions answered by leading lawyers at Simpson Millar.
The question comes from a trans woman who is currently transitioning and wants to know when she will be able to take her pension.
She asks: “I’m currently transitioning to become a woman. I’m in my early 50s, and am wondering how my transition would affect the age I can draw my pensions – both private and public.”
A Simpson Millar lawyer answers, saying: “In relation to your personal pension provisions, the age at which you can receive your pension benefits will not change as this is determined by a minimum age requirement that is the same for both men and women (it’s currently 55 but increasing to 57 from 2020 and then set to remain 20 years below the state pension age).
“Therefore, you can take benefits from your personal provisions when you wish to do so. If you are a member (active or deferred) of a final salary or defined benefit occupation scheme I would recommend that you liaise with the pension trustees regarding this matter to clarify whether this would affect your normal scheme retirement age.”
This guide has some useful information on state pensions, but if you’d like personalised advice or you need some help planning for your retirement, speak to one of Simpson Millar’s Financial Advisors onon 0800 260 5005 or click here to request a call-back.
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